Thread: Get insurance!!!

Guys, I live in NJ. I dont hear much about peoples lawn stuff getting stolen, but please take a minute to read this. This is strictly about insurance. I never had insurance on equip. Just a typical Commercial auto policy. I have an F250 and a 24 ft enclosed with EVERYTHING I own inside it. I was thinking....What the hell would I do if someone stole it all....Id be screwed. So I contacted my insurance agent. I have (4) mowers in there....3 Toro Diesel Z Masters and a Toro 36 walkbehind. Im still making payments on 2 mowers. I insured my Diesels for 5,6 and 8K each, (oldest being cheapest)....then I took an additional $10,000 umbrella policy to cover all the hand helds. There is also a little more in there to suppliment the cost of the mowers. (They give you estimated cash value.). My trailer itself is covered by the commercial truck insurance...Anyway....so thats $29,000 of insurance...against Theft, Fire, Vandalism, Terrorism and acts of god.....I was expecting a large number for this insurance.....guess what.....

One thing I also advise guys to do when getting insurance is to find out about the insurance carrier's average time frame for payment. An auto accident, when it is pretty clear who is at fault will result in a quick check, but something like theft or fire will usually have a prolonged time frame for payment, usually the policy holder will be waiting close to 30 days for payment. Most small LCO's do not have the capital or credit to go out and get all new equipment while they are waiting for the insurance check, if they loose all their equipment, truck & trailer, and they can't work for 30 days, there is a good chance they will loose many customers.

A very easy way to avoid this is to be sure the inland marine policy covers rental while waiting for payment. Also check the time frame on the insurance, how long do you have to wait to get a check for the insurance? will insurance carrier pay directly or reimburse you? how long will they allow you to keep the rentals after they cut you the check for the loss? Some insurance companies will continue the rental coverage for a period after cutting the check for the loss. This gives you time to order the equipment after you get the check.

__________________Why do people not respect us as they do other tradesmen? Because every Tom, Dick, and Harry doesn't think he can be a plumber or electrician!

Guys, I live in NJ. I dont hear much about peoples lawn stuff getting stolen, but please take a minute to read this. This is strictly about insurance. I never had insurance on equip. Just a typical Commercial auto policy. I have an F250 and a 24 ft enclosed with EVERYTHING I own inside it. I was thinking....What the hell would I do if someone stole it all....Id be screwed. So I contacted my insurance agent. I have (4) mowers in there....3 Toro Diesel Z Masters and a Toro 36 walkbehind. Im still making payments on 2 mowers. I insured my Diesels for 5,6 and 8K each, (oldest being cheapest)....then I took an additional $10,000 umbrella policy to cover all the hand helds. There is also a little more in there to suppliment the cost of the mowers. (They give you estimated cash value.). My trailer itself is covered by the commercial truck insurance...Anyway....so thats $29,000 of insurance...against Theft, Fire, Vandalism, Terrorism and acts of god.....I was expecting a large number for this insurance.....guess what.....